Filed under: ABC, abc news, alaska, central bank, China, Credit Crisis, DEBT, Dollar, dubai, Economic Collapse, economic depression, Economy, Euro, gas prices, George Bush, global economy, gold, Great Depression, Greenback, housing market, Inflation, Media, mortgage companies, mortgage lenders, neocons, Oil, Pakistan, Petrol, real estate, Stock Market, subprime, subprime lending, UAE, US Economy, Venezuela, yuan, Zimbabwe | Tags: george will
Friday Oil hit record lows of $128, Gold $982 on Tuesday and closed at $954 Friday, on Tuesday the Euro hit a new record of $1.6038 against the falling greenback.
The Euro Hit Record $1.60 Against U.S. Dollar
Reuters
July 18, 2008
The dollar sank to a new low against the euro on Tuesday, as markets worried about the ongoing U.S. lending crisis and the state of the country’s economy.
The 15-nation currency rose to an all-time high of $1.6038 in European trading, surpassing its previous record of $1.6018 set on April 22.
After reaching the record, the euro fell back to $1.5983 — still above the $1.5916 it bought in late New York trading Monday.
Gold makes another record, hits $982
The News
July 16, 2008
Gold once again broke all barriers on Tuesday and created a record high of Rs22,071 per 10 grams and yet remained under-cost compared to international markets leading to a cold local market and high selling in the UAE.
President All-Pakistan Supreme Council of Jewelers Association, Alhaj Haroon Rashid Chand said that the yellow metal had reached Rs25,750 per tola, which is a new record in Pakistan.
Chand recalled that gold had reached its highest of Rs20,657 per 10 grams and Rs24,100 per tola on March 17 in Pakistan when international yellow metal prices were US$1,032 an ounce four months earlier before creating new records over the past week.
He explained that the upward trend had resumed for the yellow metal following rupees further depreciating against US dollars and crude oil reaching fresh records per barrel.
He also informed that gold was being sold across the sea to Dubai markets in great amounts as the precious yellow metal was under cost in the local market by Rs580 compared to the Dubai bullion market.
Chand said that the trend of selling gold in UAE markets through smuggling or other illegal means, was adversely affecting Pakistan as the same gold was melted and then was reverted back to Pakistan at higher prices through the green channel. This, he added, led to a great imbalance in the country’s Balance of Trade.
He said that despite several appeals to the government to take note of the matter, it continued to remain ignored, while gold traders had also ceased to trust the Karachi Chamber of Commerce and Industry (KCCI) as the official representative body, for it had also disappointed them.
The jewelers association’s president said that KCCI was now dominated by industrialists who looked after their own benefits and raised personal points in front of the government rather than equally representing the small traders, leading to disharmony amongst businessmen and traders and moreover, heavy losses to the gold traders.
Dealers at the Kharadar Sarafah bazaar informed that there was absolutely no purchasing in the markets across Pakistan and small traders feared the continuity of their businesses.
They explained that both investors and customers were opting for alternative solutions rather than buying gold. While investors had slowly ventured into other commodities and investments, gold markets remained deserted as customers looked the other way towards artificial jewelry.
Many jewelry traders said that they had been compelled to reduce their profit margins to keep gold jewelry within affordable rates, but now could not further reduce their ‘making charges’ as that would mean higher losses for them.
The international bullion market recorded an upward rise of $23 to $982 per ounce on Tuesday, against $959 an ounce a day earlier.
Oil prices tumble to below $129
AP
July 20, 2008
The price of oil recorded its biggest weekly drop ever, and a gallon of gas finally pulled back from its record high. So is it time to declare the energy bubble popped? Experts won’t go that far just yet.
‘‘It’s too early to say we’ve seen the worst of it,’’ said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J.
Light, sweet crude for August delivery fell 41 cents Friday to settle at $128.88 on the New York Mercantile Exchange – well below its trading record of more than $147 a week earlier.
George Will: Americans Are ‘The Biggest Cry Babies Of The Western World’
Total Chief Predicts $200 Oil In The Future
http://www.leadershipnigeria.co..7638f23057d5fb6426c3bf7d59989
Alaskans suffer $8.55 a gallon for gasoline
http://news.yahoo.com/s/nm/2008..AknPcvptKeiF_hj9cLDak5iGWo14
Cemeteries have new problem: metal theft
http://news.yahoo.com/s/ap/20080716/ap_on_re_us/grave_robbers
Bush: Forget About The Man Behind The Curtain
http://www.infowars.com/?p=3396
Pakistan Bear Market Has Investors Raging
http://www.iht.com/articles/2008/07/18/asia/18pstan.php
Inflation highest in 27 years
http://rawstory.com/news/afp/US..ps_1_8_pc_07152008.html
Zimbabwe Inflation At 2,200,000%
http://news.bbc.co.uk/2/hi/business/7509715.stm
Who’s Been Sitting on My Gold Stocks?!
http://www.gold-eagle.com/gold_digest_08/wallenwein071508.html
Venezuela’s Chavez says oil could reach $300
http://uk.reuters.com/article/rbssEnergyNews/idUKN1338614020080713
Dollar Falls to Record Versus Euro; Credit Woes May Damp Growth
http://www.bloomberg.com/apps/..=aAcRihZD4Ueo&refer=worldwide
Consumer Prices Jump 1.1% In June
http://biz.yahoo.com/ap/080716/economy.html?.v=6
http://news.xinhuanet.com/english/2008-07/16/content_8554187.htm
Bernanke: Economy Faces Difficulties
http://news.yahoo.com/s/ap/2008..8ZkhcFVQZ_9leo08Fek6MwfIE
Filed under: Bank of America, Bear Stearns, bernanke, Big Banks, Britain, central bank, copper, Credit Crisis, DEBT, Dollar, Dow, Economic Collapse, economic depression, Economy, energy, Euro, Europe, european union, fannie mae, Federal Reserve, food market, food prices, freddie mac, gas prices, George Bush, global economy, gold, Great Depression, Greenback, housing market, Illegal Immigration, imf, Immigration, Inflation, Israel, Mexico, mortgage companies, nymex, Oil, Petrol, real estate, silver, stimulus, Stimulus Package, Stock Market, tax, tax rebates, UAE, United Kingdom, US Economy, US Treasury, World Bank | Tags: soybeans, wheat, with corn
Oil Hit Record $147, Gold $969, Euro $1.59
On Friday Oil hit record of $147.27, Gold $969, Euro $1.5972 against the greenback, Today July 14, 2008 11:31 AM EDT Crude price sinks to $145, Gold $969, Euro 1.5859.
AP
July 12, 2008
Gold prices rose Friday, making their largest advance since first hitting $1,000 earlier this year, after another record crude rally and a tumbling stock market led jittery investors to the safety of hard assets.
Other commodities traded mostly higher, with corn, soybeans, wheat and other agriculture futures rising.
Gold’s rally suggests investors are increasingly concerned about rising inflation as Americans struggle with $4 gasoline and the U.S. dollar continues to lose ground against its main rivals.
After a week of volatile trading in the commodities complex, a myriad of dour economic developments pushed gold prices skyward: Oil soared above $147 for the first time, stocks dove on concerns that mortgage companies Freddie Mac and Fannie Mae might collapse and the dollar tumbled further against the euro.
“All of these things are a pretty good recipe for safe-haven buying into bullion,” said James Steel, analyst with HSBC in New York. “You’re really spoiled for choice on a day like this.”
Gold for August delivery added $18.60 to settle at $960.60 an ounce on the New York Mercantile Exchange, after earlier rising as high as $969.10. That was gold’s highest trading level since first cracking the $1,000 threshold on March 13 after the collapse of Bear Stearns & Co.
Nervousness about the U.S. economy, record energy prices and the falling dollar have helped propel gold 34 percent higher in the past year, but it’s not clear if the current climate is gloomy enough to push gold back into record territory.
“The $1,000 mark accompanied a bank failure the last time so it’s questionable whether the situation now is as severe, but that doesn’t mean it won’t go back to that level,” Steel said.
Other precious metals also traded higher. September silver prices added 50 cents to settle at $18.82 an ounce on the Nymex, while September copper gained 2.15 cents to settle at $3.74 a pound.
Euro falls one cent vs dollar from day’s highs
Reuters
July 14, 2008
The euro fell over one cent from the day’s highs against the dollar on Monday, after the U.S. Treasury and Federal Reserve launched emergency steps to restore investor confidence in U.S. mortgage lenders Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac.
The euro fell to as low as $1.5866 on trading platform EBS, down from an intraday high of $1.5972.
Jim Rogers: Dollar Doomed, Fed Will Fail
Recent News:
http://www.nydailynews.com/ny_local/2008/07/12/2..siness-2.html
Bush acknowledges ’tough times’
http://rawstory.com/news/afp/Bush_..mes__07112008.html
Dow Drops Below 11,000
http://news.yahoo.com/s/ap/2008..TBWOFUn8JIG0V8Jn7V5dv24cA
Stimulus Checks for the Dead
http://taxprof.typepad.com/taxprof_blog/2008/07/stimulating-the.html
Budget Deficit Twice as Big as Last Year’s
http://www.washingtonpost.com/wp..7.html?hpid=sec-nation
World Bank’s Zoellick: Food Prices High Until 2012
http://www.washingtonpost.com/..AR2008071101987_pf.html
Mexican Illegal Aliens Leaving U.S.
http://www.dallasnews.com/sharedc..nmetimmigrants.24395628.html
Experts Worry Euro Might Replace US Dollar as Primary Reserve Currency
http://rawstory.com/news/2008/The_buck_doesnt_stop_here_it_0706.html
IMF says world economy between recession and inflation
http://uk.news.yahoo.com/rtrs/20..economy-imf-bd5ae06.html
Oil’s Rise Stirs Talk Of $200 A Barrel This Year
http://online.wsj.com/article/SB12..od=hpp_us_whats_news
Bank of Israel to buy more US dollars
http://www.jpost.com/servlet/Satel..me=JPost%2FJPArticle%2FShowFull
Bank of America CEO: Recession “feel” may last year
http://www.reuters.com/article/ousiv/idUSWNAB018220080709
Similarities between 1929 and 2008 terrifying
Emirates calls on GCC countries to depeg currencies from US dollar to curb inflation
Pension plans suffer huge losses
Filed under: Abu Dhabi, Afghanistan, afghanistan deaths, Dennis Kucinich, Dick Cheney, George Bush, Iraq, iraq deaths, Iraqnam, Maliki, marine, Military, nation building, neocons, occupation, poll, PTSD, Pullout, Shiite, Texas, Troops, UAE, UN, veterans, War On Terror
Iraq Looking At U.S. Timetable For Withdrawal
Reuters
July 7, 2008
Iraqi Prime Minister Nuri al-Maliki raised the prospect on Monday of setting a timetable for the withdrawal of U.S. troops as part of negotiations over a new security agreement with Washington.
It was the first time the U.S.-backed Shi’ite-led government has floated the idea of a timetable for the removal of American forces from Iraq. The Bush administration has always opposed such a move, saying it would give militant groups an advantage.
The security deal under negotiation will replace a U.N. mandate for the presence of U.S. troops that expires on December 31.
“Today, we are looking at the necessity of terminating the foreign presence on Iraqi lands and restoring full sovereignty,” Maliki told Arab ambassadors in blunt remarks during an official visit to Abu Dhabi, capital of the United Arab Emirates.
“One of the two basic topics is either to have a memorandum of understanding for the departure of forces or a memorandum of understanding to set a timetable for the presence of the forces, so that we know (their presence) will end in a specific time.”
How You Ended The War
http://www.angus-reid.com/polls/view/31178
Kucinich To Introduce One Article Of Impeachment
http://rawstory.com/news/2008/Kucinich_to_bring_single_article_of_0708.html
‘No plans for early Afghanistan pullout’
http://www.dailytimes.com.pk/?page..7�8story_8-7-2008_pg7_52
Soldier found dead in Texas apartment after shootout with police
http://www.newsday.com/news/printedition/long..121.story?page=1
Canadian court rules Iraq war illegal
http://www.canada.com/ottawacitizen/ne..b3-9bbc-bb4687684d5f
Panel urges new law on government war powers
http://www.reuters.com/article/politicsNews/idUSN0826563920080708
Injured Iraq War Veterans Pay More for Health Care, Report Says
http://www.bloomberg.com/..N6Dgs3JM&refer=us
Filed under: Alan Greenspan, central bank, Chicago, China, citigroup, Credit Crisis, DEBT, dollar peg, Economic Collapse, economic depression, Economy, Euro, Federal Reserve, gas prices, george soros, gold, Great Depression, Greenback, henry paulson, imf, Inflation, Oil, Paulson, Petrol, platinum, silver, south africa, Stock Market, UAE, US Economy, washington mutual
Gold hits highs of $940, Current Price is $924
IBT Times
April 11, 2008
Gold pushed as high as $940 just before the open of the New York session on Thursday, then fell off until the noon hour, but then reversed field once again, moving higher to finish at $929.40/oz., down $4.60. Overnight, gold has edged lower.
Platinum was higher in the European markets, but declined in New York, to end at $2026/oz., unchanged. Overnight, platinum has slipped lower.
Silver peaked at $18.40 in early London trading, fell off until mid-morning in New York, then traded sideways for the rest of the day, closing at $17.95, down 22 cents. Overnight, silver has been flat.
It was a mixed day for the precious metals, with early weakness giving way to a spate of buying later in the day, and no major changes by the end.
Oil Prices Above $112 As Supplies Fall, Current Price $110
AP
April 9, 2008
The price of oil has surged to a new record, with a barrel a crude trading above $112 a barrel on the New York Mercantile Exchange.
A government report that oil and fuel supplies were lower than expected last week gave crude a push past its latest milestone. But months of buying by speculators and by investors seeking refuge from a falling dollar have also lifted oil to its new heights.
Light, sweet crude for May delivery has traded as high as $112.16, surpassing the previous trading record of $111.80 set ast month.
US Dollar Hits New Record Low Against Euro
RTT
April 10, 2008
The US dollar declined against its major counterparts in early deals on Thursday, hitting a fresh record low against the euro. Against its other major counterparts, the dollar weakened to new multi-day low during this time period.
The US trade balance, initial jobless and continuing claims are the major economic events slated for release later in New York morning.
The US dollar plummeted to new record low of 1.5915 against the euro at about 5:10 am ET Thursday, compared to yesterday’s closing value of 1.5832.
The dollar may face $1.65 against the euro by October
Bloomberg
April 7, 2008
Optimism for a dollar rebound that pervaded the currency market at the start of the year is fading.
Futures traders doubled bets against the greenback in the past two months, data from the Commodity Futures Trading Commission in Washington show. Citigroup Inc., Deutsche Bank AG and Royal Bank of Scotland Group Plc, which handle almost 40 percent of global foreign exchange trading, say the currency may slump to $1.65 per euro by October.
Recent News:
http://www.reuters.com/article/topNews/idUSWBT00874120080410
Fed: Severe Downturn Possible
http://www.reuters.com/article/ousiv/idUSTRS00005820080409?sp=true
South Africa: Analysts Say Gold Can Top $1000 Again
http://allafrica.com/stories/200804100124.html
Greenspan: I have no regrets on Federal Reserve’s past policies
http://news.yahoo.com/s/nm/20080408/bs_nm/usa_economy_greenspan_dc
The Great Chinese Crash of 2008
http://www.fool.com/investing/in..reat-chinese-crash-of-2008.aspx
Soros: USD Won’t Be World’s Reserve Currency
http://www.nytimes.com/2008..Y&pagewanted=print
Soros sounds the alarm again on world economy
http://www.iht.com/articles/2008/04/11/business/11soros.php
Federal Credit Cards Misused
http://www.washingtonpost.com/wp-dy../ST2008040803504.html
U.S. Economy: Consumer Sentiment Drops to 26-Year Low
http://www.bloomberg.com/apps/n..=af8M_eEjb_QY&refer=home
Gas, Diesel Prices Hit New Records
http://www.bloomberg.com..087&sid=af8M_eEjb_QY&refer=home
Gas Tops $4 In Chicago
http://cbs2chicago.com/consumer/gas.prices.milestone.2.697232.html
G24: IMF Regulatory Failures Caused Crisis
http://news.yahoo.com/s..bNmbqT52QemoOrgF
Official: UAE to maintain dollar-peg policy
http://news.xinhuanet.com/english/2008-04/08/content_7940355.htm
WaMu gets $7 billion infusion, cuts jobs, sees big loss
IMF: Mortgage Crisis May Cost $945 Billion
Dollar Falls Against Euro, Heads for Weekly Decline, Before G-7
US Fed prepares to replenish war chest
US trade deficit jumps despite weak dollar
Pound falls to 80p against the euro
IMF Says U.S. Crisis Biggest Since 1930s
IMF: Global Intervention Needed On Credit Crisis
Current crisis is worst since Great Depression: Soros
Soros Predicts End Of Easy Borrowing
Govt Expects Gas To Hit $4
Filed under: Abu Dhabi, Alan Greenspan, Alex Jones, asia, bernanke, bonds, central bank, China, Credit Crisis, DEBT, dollar peg, Economic Collapse, economic depression, Economy, Euro, Federal Reserve, food crisis, food market, food prices, George Bush, Great Depression, Greenback, gulf, imf, Inflation, interest rate cuts, Joseph Stiglitz, liquidation, rate cut, sterling, Stock Market, UAE, US Economy, US Treasury, World Bank
Traitor Greenspan Urges Gulf States To Abandon Dollar
Former Fed chief’s insistence that Arab nations dump greenback peg could lead to economic chaos in America
Paul Joseph Watson
Prison Planet
February 26, 2008
Alan Greenspan has again exposed himself as a traitor working against the interests of the American people by urging Gulf states to abandon the dollar peg, a move that could result in financial chaos and an economic depression in America.
The dollar peg mandates Gulf nations to price their assets in U.S. dollars and follow U.S. monetary policy at a time when the Fed is cutting interest rates, a system that has produced a boom in oil revenues but led to high inflation as the dollar weakens.
“It [de-pegging] is probably the most useful thing that can be done to stop the increasing influence of foreign assets on the monetary system and therefore the monetary base which is basically the major force in inflationary pressures,” Greenspan told the Abu Dhabi Corporate Leadership Forum yesterday.
“In the short term free floating … will not fully dissipate inflationary pressure, although it would significantly do so,” added Greenspan, giving a green light for Gulf states to drop the dollar peg.
According to Economist editor Pam Woodall, Greenspan’s comments heralded the beginning of the end for the US dollar as the currency of choice for foreign exchange reserves.
“If Asian central banks hold today more than 80 per cent of the global foreign exchange reserves, which indicates the shift of the global economy domination towards Asia, it seems quite awkward that the UAE still maintains the peg of its currency to the US dollar,” she told Gulf News.
Greenspan’s zeal to destroy the dollar is evident in numerous public statements he has made predicting the replacement of the dollar with the Euro as the world reserve currency.
The former Fed chairman has repeatedly badmouthed the dollar and hyped the inevitability of economic chaos at a time when market confidence is in the toilet. Greenspan’s rhetoric matches that of the IMF, who in October of last year bizarrely slammed the dollar as “overvalued” at the same time the greenback hit its all time low against the Euro.
A decision on behalf of the Gulf states to abandon the dollar peg would have disastrous consequences for the greenback and the American economy.
Such a move could lead the likes of the United Arab Emirates and Saudi Arabia to diversify their foreign exchange holdings out of dollars. This would amount to a vote of “no confidence” in the dollar and may cause other countries with large dollar reserves, such as China and Japan, to follow suit and begin dumping the greenback en masse.
China has threatened repeatedly to use the “nuclear option” and liquidate its vast holding of US treasuries in response to continued pressure on the Communist state to force a yuan revaluation. According to a widely-read London Telegraph report, such an event “could trigger a dollar crash” and also “cause a spike in US bond yields, hammering the US housing market and perhaps tipping the economy into recession.”
Runaway inflation would also ensue, making the cost of living unaffordable to even middle class Americans as food prices skyrocket and international aid organizations like the World Food Programme predict rationing and food riots.
The dollar has held firm against the Euro and recovered some losses against Sterling over the past two months, but it has still lost 12 per cent of its value against the trade-weighted index over the last two years and has plunged by a whopping 60 per cent against the Euro since Bush entered the White House.
Stiglitz Blames Greenspan For Recession
Former World Bank Chief Economist says US probably already in recession
Steve Watson
Infowars.net
February 26, 2008
Former chief economist of the World Bank, Joseph Stiglitz, has said that the US economy is already in recession and is pointing the finger of blame directly towards former Federal Reserve chairman Alan Greenspan.
Remarking that the economy is “probably” now in recession, Stiglitz told Bloomberg Television that “There is a very significant slowdown in the U.S. economy… The housing bubble has broken and housing prices are coming down. Most experts think they will have to come down substantially more.”
Stiglitz stressed that Alan Greenspan “is right that this downturn is going to be the worst downturn in a quarter century, but he’s largely to blame,” adding “It’s not just that he was asleep at the wheel, he actively looked the other way”.
Stiglitz’s comments come on the back of news that Greenspan has been actively urging Gulf states to abandon the dollar peg, a move that could result in financial chaos and a further economic depression in America. We have previously reported on Greenspan’s penchant for working to destroy the US economy.
Stiglitz also took a swipe at current Fed chairman Ben S. Bernanke, charging him with failing to counter the deterioration of the real-estate market by procrastinating over interest rate cuts.
“The dramatic lowering of the main interest rate by 75 basis points [last month] was a panic not a prudent measure.” Stiglitz said.
The Nobel-prize winning economist also cited the $3 trillion cost of the Iraq war as a key factor in the economic downturn, saying it has increased the budget deficit and consumed resources that would otherwise promote growth.
In contrast, the president last week stated that the war in Iraq has had no bearing on the economic slump.
Stiglitz is no stranger to speaking out against the establishment on the economy. In October 2001 he caused controversy when he exposed rampant corruption within the IMF and blew the whistle on their nefarious methods of inducing countries to fall under their debt before stripping them of sovereignty and hollowing out their economies.
Sixteen months ago, on the nationally syndicated Alex Jones radio show, Stiglitz predicted a global economic crash would occur within 2 years.
Filed under: bernanke, Big Banks, China, citigroup, Euro, FDIC, Fox News, George Bush, global government, gold, imf, Japan, New World Order, New York, peter schiff, platinum, south africa, tax rebates, UAE, War On Terror, Zimbabwe
Bush Unveils $3.1 Trillion Spending Plan
AP
February 4, 2008
http://www.youtube.com/watch?v=H5HYIAQn4Lg
President Bush unveiled a $3.1 trillion budget on Monday that supports sizable increases in military spending to fight the war on terrorism and protects his signature tax cuts.
The spending proposal, which shows the government spending $3 trillion in a 12-month period for the first time in history, squeezes most of government outside of national security, and also seeks $196 billion in savings over the next five years in the government’s giant health care programs _ Medicare for the elderly and Medicaid for the poor.
Even with those savings, Bush projects that the deficits, which had been declining, will soar to near-record levels, hitting $410 billion this year and $407 billion in 2009. The all-time high deficit in dollar terms was $413 billion in 2004.
Democrats attacked Bush’s final spending plan as a continuation of this administration’s failed policies which wiped out a projected 10-year surplus of $5.6 trillion and replaced it with a record buildup in debt.
“Today’s budget bears all the hallmarks of the Bush legacy _ it leads to more deficits, more debt, more tax cuts, more cutbacks in critical services,” said House Budget Committee Chairman John Spratt, D-S.C.
Platinum stable near record as gold solid above $900
Reuters
February 7, 2008
Cash platinum was hemmed in a tight band near its record high on Friday as another record high price in Japanese futures prices provided solid support due to concerns over supply problems in South Africa.
Spot gold was solid above $900 an ounce as the metal was supported despite the dollar jumping more than 1 percent against the euro on Thursday.
“There is no ceiling for platinum now as long as supply worries in South Africa remain,” said Tatsuo Kageyama, an analyst at Kanetsu Asset Management in Tokyo.
“You just can’t sell platinum considering that the country which supplies 80 percent of the world’s supply is facing trouble,” Kageyama said.
Cash platinum was trading at $1,840/1,850 an ounce as of 9:43 p.m. ET, from $1,841/1,846 late in New York on Thursday when it hit a record high of $1,850 an ounce the previous day.
Peter Schiff On Fox Business News – (2/4/2008)
http://www.youtube.com/watch?v=JKCNZFJWiRc
http://www.reuters.com/arti..RSS&feedName=domesticNews
Dozens of U.S. banks will fail by 2010: analyst
http://www.canada.com/ottawa..2-f8fbb851a367&k=53982
ICBC Deposes Citigroup as Chinese Banks Rule in New World Order
http://www.bloomberg.com/apps/ne..BhYtHt.s3gM&pid=20601103
Greenback Has Lost 30% in Past 7 Years, Becomes “Bernanke Peso”
http://www.dailyreckoning.com.au/greenback/2008/02/04/
IMF Calls For Revamping Global Government
http://www.imf.org/external/pubs/ft/fandd/2007/12/boughton.htmauthor
China’s Inflation Hits American Price Tags
http://www.nytimes.com/2..7600&en=51da850cefb4bbf5&ei=5087
UAE Likely To Revalue Dollar Pegged Currency
http://www.middle-east-online.com/english/business/?id=24186
U.S. recession could be worse than recent downturns
http://www.reuters.com/article/newsOne/idUSN0563297420080205
U.S. loses jobs for first time in 4-1/2 years
http://www.reuters.com/article/ousiv/idUSN3134479520080201
Zimbabwe Inflation At Over 26,000%
http://news.scotsman.com/world/Mugabe-in-poll-setback-as.3734498.jp
U.S. Loses Its Status As World Economic Power
http://www.newsday.com/news/o..n31,0,2812464,print.story
FDIC Gears Up For Large Bank Failure
http://www.marketwatch.com/news/story..yhoof&print=true&dist=printTop
Filed under: Ahmadinejad, Bloggers, egypt, India, Internet 2, internet blackout, Iran, kuwait, Media, middle east, Pakistan, Saudi Arabia, UAE
Middle East Internet Blackouts Spur Geopolitical Suspicions
Bloggers says big event could be right around the corner, Iran completely cut off
Paul Joseph Watson
Prison Planet
February 1, 2008
Unprecedented mass Internet outages throughout the Middle East and Asia after no less than four undersea Internet cables were cut without explanation are spurring suspicions that a major event of geopolitical proportions may be just around the corner.
Internet blackouts are impacting large tracts of Asia, the Middle East and North Africa after four undersea cable connections were severed. Egypt, Saudi Arabia, Qatar, the United Arab Emirates, Kuwait, Bahrain, Pakistan and India, are all experiencing severe problems.
According to InternetTraffic.com, Iran has been completely cut off from the Internet, though Mahmoud Ahmadinejad’s blog can still be accessed.
Most notably, Israel and Iraq are unaffected by the outage.
“Stephan Beckert, an analyst with TeleGeography, a research company that consults on global Internet issues, said the damaged cables collectively account for the majority of international communications between Europe and the Middle East,” reports CNN.
Officials say that the cause behind the severing of the cables remains unknown, but United Arab Emirates’ second largest telecom company said the cables were cut due to ships dragging their anchors.
Is this a pre-cursor to throw a veil over an imminent staged event in the Middle East?
“What are the odds? Who benefits? asks the Crimes and Corruptions blog. “Let’s see. Iranian rapprochement: “Recent months have brought signs of a growing rapprochement between Iran and Egypt.”
“What nation would not like this and has subs which could cut the cables? Why do it? Payback as over the net business is badly damaged. Or is this a setup for more? Note the internet is working just fine in Israel.”
Over at WhatReallyHappened.com, Mike Rivero points out that the mysterious cable sabotage could portend another imperial Neo-Con crusade in the works.
“The biggest problem the Bush administration faced during Iraq were images coming over the internet that showed the horrors being visited on the Iraqi people, and exposed the government’s lies about Saddam,” he writes.
“I am greatly concerned that these undersea cable cuttings are intended to prevent the world from seeing something that is about to happen, other than through the government-controlled propaganda/media.”
http://mparent7777-2.blogspot.co..u-know-where-your.html
Filed under: CFR, Economic Collapse, economic depression, Economy, Euro, gas prices, Great Depression, gulf, Iran, monetary union, Oil, OPEC, petrodollar, petroeuro, qatar, Saudi Arabia, single currency, UAE, US Economy, Venezuela
CFR: Considering the PetroEuro
CFR
December 6, 2007
Easily missed amid the rising outcry over oil prices is the fact that they have only been skyrocketing in dollar terms. Priced in euros—or yen, or pounds sterling—the cost of a barrel of oil has risen much less over the past decade. At recent meetings of OPEC, the Organization of the Petroleum Exporting Countries, ministers disputed whether oil should be sold in euros instead of dollars (WashPost), in light of the dollar’s recent decline. Officials from Venezuela, Iran, and Algeria called for a switch. But Saudi Arabia and Kuwait, both of which hold huge dollar reserves, urged caution, and the bloc concluded the meetings saying it would further study (FT) the impact of the falling dollar on its member states.
If oil were priced in euros, what would the effect be? On the surface, possibly not much, experts say. “Whether they’re selling in dollars or euros, they can make their currency conversions,” says Peter J. Robertson, vice chairman of Chevron Corporation, in an interview with CFR.org. The fact that major currencies are easily exchanged means that oil producers don’t sustain any immediate monetary loss by accepting payment in one currency or another. Yet a currency switch could bring a slew of more subtle changes. First, there is the psychological impact. Robertson says a shift would send a clear signal that oil producers “didn’t have as much confidence in the future of the United States”—a sentiment that could deeply undermine investor confidence.
This, in turn, could further hamper the strength of the dollar. As Saudi Arabia’s foreign minister says “the mere mention that the OPEC countries are studying the issue of the dollar is itself going to have an impact,” adding that a dollar collapse could take a severe toll on OPEC (UK Telegraph) economies. Indeed, several of the main oil-exporting nations would be among the most vulnerable parties, globally, should the dollar’s value decline. Having accepted dollars in payment for years, countries like Saudi Arabia, Kuwait, and the United Arab Emirates have compiled massive dollar reserves (Economist), rivaling those held by China. They have a compelling interest in keeping those dollar piles as valuable as possible. Other countries, including Iran, have already diversified away (Gulf News) from the dollar, which explains the sharp differences of opinion within OPEC.
Beyond its effect on the dollar, OPEC shifting to the euro could also bring substantial benefits to European countries and companies by reducing currency risk (Guardian) currently built into their trade with oil states. More broadly, an OPEC shift to the euro could bring an overall reduction in global demand for the dollar, taking away one of the main ways in which the United States has financed large budget and trade deficits, as CFR’s Brad W. Setser notes in a recent interview.
The pressing question, then, is whether OPEC will switch. Here, expert opinion is mixed. Pressure from Saudi Arabia, OPEC’s heavyweight, seems likely to keep any immediate switch at bay. Two Lehman Brothers economists write on the website of the Financial Times that Riyadh’s stockpile of petrodollars binds its prospects to the health of the currency. Still, it seems all but certain that more oil states will follow Iran’s lead in diversifying their holdings away from the dollar. Riyadh has substantial support (Bloomberg) in defending the dollar, but Nigeria and Angola, two of Africa’s major oil exporters, are making new efforts to diversify their currency reserves.
Gulf States to Discuss Single Currency Plan by 2010
http://in.reuters.com/article/businessNews/idINIndia-30787820071202
Filed under: Euro, Greenback, gulf, Iran, monetary union, Oil, petrodollar, petroeuro, qatar, Saudi Arabia, single currency, UAE, Venezuela
6 Oil-Exporting Gulf States planning to develop a monetary union with a Euro-like single currency by 2010
Reuters
December 2, 2007
DOHA (Reuters) – Gulf Arab finance ministers will discuss a plan to speed up a delayed monetary union project before their rulers meet on Monday, the secretary general of Gulf Cooperation Council economic bloc said on Sunday.
The finance ministers will prepare the agenda for the summit, which is under intense market scrutiny after the United Arab Emirates, the bloc’s second largest economy, called for an end to region’s currency pegs to the tumbling dollar.
“The ministers will discuss the GCC single currency,” Abdul-Rahman al-Attiyah told Reuters on the sidelines of the meeting in Qatar’s capital Doha.
Asked whether there was any plan to speed up the project, he said: “Yes.” The plan would be designed to meet the 2010 deadline for monetary union, he said.
The minister would also discuss a customs union, monetary union and creating a common market in the world’s biggest oil exporting region, Attiyah said.
He declined to comment on whether dollar weakness and market speculation about the demise of the region’s dollar pegs were on the agenda.
Filed under: 2008 Election, bernanke, China, citigroup, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Euro, fannie mae, Federal Reserve, food prices, foreclosure, freddie mac, gold, Goldman Sachs, Great Depression, Greenback, henry paulson, housing market, imf, Inflation, infrastructure, interest rate cuts, morgan stanley, Paulson, Petrol, rate cut, Stock Market, subprime, subprime lending, UAE, United Kingdom, US Economy, US Treasury
Bernanke Clears Way For Fed Rate Cut
Financial Times
November 30, 2007
Ben Bernanke put the Federal Reserve on a path towards a December rate cut in a speech on Thursday night in which he said the relapse in financial markets had resulted in a “tightening in financial conditions” that had the potential to harm the real economy.
The Fed chairman also said recent data on household spending had been “on the soft side” and warned that the combination of higher petrol prices, the weak housing market, tighter credit conditions and declines in stock prices seem likely to create some headwinds for the consumer in the months ahead.
Paulson’s Plan to Punish the Public
The Motley Fool
November 30, 2007
If you don’t learn from the past …
If the mortgage crisis and housing bubble have taught us one thing, it should be to watch out for the unintended consequences of greed. Unfortunately, our nation’s legislators and political appointees haven’t learned that lesson. Recent plans for housing and mortgage bailouts generally run from dumb to dumber. Today, The Wall Street Journal reported on yet another scheme, reportedly being spearheaded by Treasury Secretary Hank Paulson. It’s an idea so naively populist and antimarket that you would think it came from Hugo Chavez, Evo Morales, or Mahmoud Ahmadinejad, if not for its cringe-inducing, Beltway-wonk moniker: the Hope Now Alliance.
In short, bankers and loan-servicing outfits are going to lower interest rates on strapped borrowers so they don’t lose their houses. How much, how long, and who qualifies are all still up in the air. No doubt, this will sound good to those folks who signed on for mortgages they can’t actually afford. It will also look good to politicians angling to score points before the next election, and to bleeding hearts everywhere. It will also look good to select mortgage-industry players — like Countrywide Financial (NYSE: CFC) and Citigroup (NYSE: C), which could really use a government-led bailout.
Unfortunately, this ill-conceived salve will ultimately punish the silent majority of Americans, people who didn’t go out and make boneheaded financial decisions over the past half-decade. Let’s take a look at why.
Price tag in mortgage crisis is looking like real money
http://www.latimes.com/bu…la-home-center
Foreclosure fallout: Renters forced out of lost homes
http://www.cnn.com/2007/US/11/30/willis.rentervictims/index.html
Shadow Mortgage Bailout Already in Progress
http://efinancedirectory.com/articles/Sha…_Progress.html
U.S. Government, Banks Near a Plan to Freeze Subprime Rates
http://cryptogon.com/?p=1662
UK: Trouble ahead for the economy
http://www.thebusiness.co.uk/the-m…economy.thtml
IMF Warns Of UK Recession
http://investing.reuters.co.uk/news/articl….NG-OPEN.XML
Video: “Food Banks Nationwide Face Shortages”
http://www.thought-criminal.org/article/node/1021
In the long run, value of paper currencies is zero
http://www.economist.com/finance/displaystory.cfm?story_id=10208445
More bad news for the dollar as the UAE gets ready to dump it
http://www.thaindian.com/newsportal/…p-it_1006967.html
China’s attempt to convert its U.S. Treasury holdings into euros
http://www.m-cam.com/display_news?id=240
Growth in Consumer Spending Slows While Construction Activity Drops Sharply
http://biz.yahoo.com/ap/071130/economy.html
Goldman Sachs Says To Short Gold In 08
http://www.reportonbusiness.c…wgoldman1129
Treasury Close to Subprime Aid Plan
http://www.cnbc.com/id/22039476
Morgan Stanley may face $5.7 billion Q4 writeoff
http://www.reuters.com/article/bankin….EN275220071130
New Home Prices: Worst Drop In 37 Years
http://money.cnn.com/2007/1…./?postversion=2007112912
More than 50,000 Lost Their Homes in October
http://money.cnn.com/2007/….rsion=2007112905
China wins from credit crunch fallout
Fed pumps $8bn into market to head off new crunch
ECB injects £35bn into markets
Foreclosures Up 165% In FLA
Oil Surges After Pipeline Bursts
U.S. incomes fall, spending flat in October
Gazprom May Switch Sales to Rubles as Dollar Weakens
US Dollar: No Longer the World’s Currency?
A diary of the onset of the Greater Depression
Gold Slips Under $800, Oil Plummets $94 on Firmer Dollar
Foreclosures Will Create Ghost Towns
As credit dries up in U.S., concerns mount about recession
Sterling falls vs recovering dollar
Oil Producers See the World and Buy It Up
Fed Official Warns Of Wall Street Turmoil
A Dollar the Size of a Postage Stamp
Bet your bottom dollar tensions will follow
Housing woes have domino effect
The Next Big Bankruptcy
88% Erosion of the Dollar’s Purchasing Power
Video: Money As Debt
Forecast: U.S. Dollar Could Plunge 90 Percent
Gold sees 2-week peak as investors run for safety
Forex – Euro retreats after Friday’s failure at 1.50 usd
Retail Stocks Fall; Black Friday Spending Seen Lower
U.S. dollar may be nearing nadir on charts
Oil Prices Rise Near $99 As Temps Fall
Don’t look now: Here comes the recession
The Real Reason why Stocks are Plunging
The plunging greenback threatens to cripple U.S. power. Why are the candidates ignoring this critical issue?
1000% Hedge Fund Wins Subprime Bet
U.S. Economic Collapse News Archive
Filed under: Abu Dhabi, black monday, China, Credit Crisis, Dow, ECB, Economic Collapse, economic depression, Economy, Euro, european union, Federal Reserve, G7, gas prices, Germany, global economy, gold, Great Depression, Greenback, housing market, Inflation, interest rate cuts, Japan, Oil, OPEC, Petrol, Sarkozy, Saudi Arabia, Stock Market, UAE, US Economy, US Treasury
Oil jumps over $90 a barrel, dollar sinks to new low against the euro
FT
October 19, 2007
Crude oil prices on Friday rose to a fresh all-time high above $90 a barrel as the US dollar sunk to a new low against the euro.
Persistent worries about tight supplies ahead of the winter peak season and fresh geopolitical tensions also helped to push prices higher.
Nymex November West Texas Intermediate hit $90.02 a barrel in overnight trading. It later was 10 cents higher at $89.57 a barrel, extending Thursday’s $2.07 price jump. It is the sixth straight trading day that oil set a record high.
Edward Morse, chief energy economist at Lehman Brothers in New York, said that financial flows betting on further US dollar weakness ahead of the Group of Seven meeting and the US Federal Reserve meeting were propping up the oil price.
The dollar traded on Friday to $1.4303 against the euro, after touching earlier a record low of $1.4311 per euro. Investors are betting on a further interest rate cut when the Federal Reserve meets on October 31.
A lower dollar cuts the purchasing power of the barrel, suggesting that producing countries, such as Saudi Arabia, would try to keep the oil price higher to compensate for it. The strength of the euro, the sterling pound and other currencies also mean that some countries, particularly in Europe, are partially insulated from the oil price rally.
David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney, said: “The dollar fell to new lows overnight. That fact has been a boost to all commodity prices.”
The Nymex December West Texas Intermediate contract which will become the oil market benchmark early next week traded at $88.01 a barrel, after hitting $88.49 a barrel.
Nauman Barakat, senior vice president at Macquaire Futures in New York, warned that traders have built massive December options calls -rights to buy oil at a certain price- at $90 and $100 a barrel, providing the backdrop for “additional upward impetus.”
Kevin Norrish of Barclays Capital said that the issue no longer seems to be whether oil will reach $100 a barrel, but when.
“Until there is a clear prospect of the [supply-demand] gap being filled, then the course is set for the market to take out $90, $100 and $110 in fairly quick succession,” Mr Norrish said.
Low inventories crude oil inventories ahead of the winter season are also supporting prices, traders said.
OECD crude oil and products stocks have fallen below their 5-year average, after the inventories suffered a counter-seasonal drop in the third quarter.
The IEA estimates that between July and September inventories fell at a rate of 360,000 barrels a day, sharply diverging from a 10-year average of increases in that period of about 260,000 b/d.
Inventories at Cushing, Oklahoma, the delivery point for the New York Mercantile Exchange crude oil contract are running 19 per cent below last year.
The Organisation of the Petroleum Exporting Countries, which controls 40 per cent of the world’s crude oil output, denies that the market is tight, instead blaming speculation, the weakening of the dollar and Middle East tensions for the 13 per cent jump in prices in the past week.
The price jump could force Opec to call for an emergency meeting ahead of its head of state summit in Riyahd, Saudi Arabia, in late November, and its ministerial meeting in Abu Dhabi, United Arab Emirates, in early December.
Saudi Arabia, the cartel’s leader, has remained silent on whether to increase production further, but at the last Opec meeting it pushed for a production boost in spite of strong opposition from other countries, suggesting the kingdom is concerned about the impact of high oil prices on the global economy.
Opec officials said the cartel’s ministers were just returning from holidays after the end of the Ramadan, implying it may take extra time for the group to discuss a new production increse.
Dollar dives as US slump spreads
Telegraph
October 20, 2007
The dollar has plummeted to all-time lows against both the euro and a basket of global currencies amid growing fears of a disorderly rout as the US property slump spreads to the broader economy.
Ambrose Evans-Pritchard: Is there really a sea of limitless liquidity?
The greenback dived after the US ‘Philly’ business index dropped 10.9 to 6.8 in October, with a shock fall in new orders and inventory, raising the chances of further rate cuts by the Federal Reserve this month.
The dollar crossed the barrier of $1.43 against the euro; the broader dollar index fell to 77.478, the lowest since the series began in 1973.
The plunge follows data released this week by the US Treasury showing a record $163bn (£80bn) exodus from all forms of US assets, led by unprecedented levels of US bonds sales by Japan, China and Taiwan.
Bundesbank chief Axel Weber gave the euro an extra lift by hinting strongly at more rate rises in Europe to head off inflation, expected to reach 2.6pc in Germany.
The growing belief the European Central Bank may keep tightening despite the credit crunch has caused traders to shift gear, renewing bets on the euro. But the surging currency has hit confidence in Europe, where industries in France, Italy and some German firms are warning of serious knock-on effects.
Airbus says each one cent move costs the group $100m in profits.
Ernest-Antoine Seilliere, head of the EU-wide lobby BusinessEurope, called for “political intervention” by the G7 club of economic powers at today’s meeting in Washington.
Rodrigo Rato, head of the International Monetary Fund, offered little hope of relief. “Our view regarding the euro is that the euro stays in line with medium-term fundamentals on a multilateral basis. It is true the euro is close to historic highs in real terms, but it is also true the euro-area current account is in broad balance,” he said.
French president Nicolas Sarkozy has called for EU action to force a shift in exchange rate policy, if necessary by strong-arming the ECB to halt its campaign of rate rises.
Germany has a huge trade surplus, but France faces the biggest deficits in its history. Spain’s current account deficit is 9pc of GDP.
The US has adopted a policy of benign neglect towards the dollar slide, seeing it as a way to correct a huge current account deficit, but there are now concerns the process may be getting out of hand.
The Manufacturers Alliance/MAPI said in its quarterly outlook the soft dollar was complicating life for America’s key trading partners and risked triggering a global slowdown. “Global sentiment against the dollar is gaining traction, generating daunting challenges for the short-term economic outlooks of major US trading partners.”
Mitul Kotecha, an economist with Calyon, said: “The United States will do no more than repeat that markets determine exchange rates and will oppose any sort of intervention. There is every chance the aftermath of the G7 meeting will see the dollar resume its weakness.”
Paul Robinson, an analyst at Barclays Capital, said the prospect of Fed rate cuts had knocked away a key prop for the dollar, warning it could slide to $1.50 against the euro.
Related News:
Stocks Sink on Black Monday Anniversary
http://apnews.myway.com/article/20071019/D8SCIPLG1.html
‘Black Monday’ redux? Global rally makes some sweat
http://www.reuters.com/article/reu….120071019?sp=true
Gold to go higher, says Newmont boss
http://www.smh.com.au/news/busin…1043415.html
UK house market is ‘heading for crash’
http://business.timesonline.co…..ages/article2681755.ece
Dow Loses 367 Points
http://www.economicsbrie…own-369-points-all-major-us.html
Markets see U.S. policy of “ignore the dollar”
http://www.reuters.com/article/re….71018?sp=true
IMF Badmouths The Dollar In Open Attack On American Middle Class
http://www.prisonplanet.com/articles/october2007/191007_open_attack.htm
Dollar stays near record euro low
http://news.bbc.co.uk/1/hi/business/7052086.stm
Video: The inevitable collapse of the dollar
http://www.youtube.com/watch?v=4n3g5lUgkWk
Dollar Falls To New Low Against Euro
A Weak Dollar Is Bad For America
Dangers Of The Diving Dollar
Global inflation: Policymakers fear return of a banished beast
Inflation 7982% In Zimbabwe
Oil Surge To $89 May Provoke OPEC Meeting
Oil Reverses Course, Hits New Record
Gold price hits highest level since 1980
Friction over weak dollar expected at G-7 meeting
Japan and China lead flight from the dollar
2011 – The U.S. Dollar: R.I.P.
Paulson warns of damage to come
Greenspan would not be surprised to see a double-digit fall in US house prices nationally from their peak
Wall’s Street’s Rescue Plan: Be Very Afraid
GMAC Expected to Cut 25 Percent of Mortgage Workforce
Southern CA Home Sales Plunge 30%
German bank hit by subprime crisis slashes results, directors leave
The IMF States The US Dollar Still Has Some Downside
Sub-Prime Blow Up In Canada?
It’s Time For The Banks To Face The Hangman
US home foreclosures double
U.S. home starts fall to 14-year low
Experts Fear Repeat Of 1929 Economic Crash
Oil surges near $88 a barrel
Oil Futures Hit New Record Above $86
After a 200-Year Resource Bear Market, Gold Price Could Pass US$2,271
Wall Street Falls Amid Unease Over Bad Debt; Oil Settles Above $86
Gold & Oil Surges Dollar Falls
Treasury Sales May Rise 50% as Deficit Suddenly Grows
Plan to Save Banks Depends On Cooperation of Investors
Big Banks Trying to Avoid Global Economic Crash
Treasury claims power to seize gold and silver — and everything else
Income inequality worst since 1920s, according to IRS data
Man who correctly predicted Black Tuesday makes another prediction in NY Times: ‘Country is facing… a depression’
Oil Futures Hit New Record Above $85
Oil hits record $84
Bill Moyers: Are we heading for another 1929?
London, Not U.S., Controls U.S. Mortgage Crisis
Gold price rockets to 27-year high, platinum nears record
U.S. Foreclosure Filings Nearly Double in September Over Same Month a Year Ago
Strong silence from U.S. on dollar’s weakness
Central Banks Sell 475 Tons Of Gold
Credit card debt is ready to blow
Americans charge it as Bank of Subprime closes
‘The Roof Is Caving In On the Housing Market’; ‘Think Housing’s Bad? You Ain’t Seen Nothing Yet’
U.S. Economic Collapse News Archive
Filed under: China, Economic Collapse, economic depression, Economy, George Bush, global economy, Great Depression, housing market, Inflation, Iraq, Kurdish, Nigeria, Oil, OPEC, Petrol, Saudi Arabia, subprime, subprime lending, Turkey, UAE, US Economy
Oil Surge To $89 May Provoke OPEC Meeting
Reuters
October 17, 2007
NEW YORK (Reuters) – Oil’s record rally stalled on Wednesday after an OPEC minister said the group could not rule out another output hike to cool the red hot market and may call a formal meeting next month in Saudi Arabia.
U.S. crude (CLc1: Quote, Profile, Research) dipped 27 cents to $87.34 a barrel by 2:12 p.m. EDT (1612 GMT) after touching a fresh record $89 earlier in the day. London Brent crude (LCOc1: Quote, Profile, Research) fell 51 cents to $83.04 a barrel.
Oil has climbed more than 13 percent since last week on fears of a winter supply crunch and rising tensions between Turkey and Kurdish rebels in northern Iraq, renewing worries soaring energy costs could damage the global economy.
Nigeria’s oil minister, Odein Ajumogobia, told Reuters Wednesday that OPEC could call a formal meeting November 17 when ministers meet in Saudi Arabia for a heads of state conference, nearly three weeks earlier than planned.
“There will be a meeting of ministers, initially informally, but there may be a formal meeting,” Ajumogobia said. “We are still a month away and it depends what transpires before then.” (ID:nL17763774: Quote, Profile, Research)
OPEC’s next scheduled formal meeting was set December 5 in the United Arab Emirates. The group has already agreed to boost output by 500,000 barrels per day starting November 1.
Ajumogobia said OPEC has not ruled out additional action.
U.S. Energy Secretary Sam Bodman said Wednesday that high oil prices were of “great concern” to the administration of U.S. President George W. Bush, but said there was no decision yet on whether to tap the emergency oil reserve.
The United States’ economy is already facing headwinds from the meltdown in the subprime mortgage market, and experts said soaring energy costs could worsen the economic outlook.
“Given the long-term risks of security-related disruptions to the global oil market, it would be very wrong to write off oil-induced recessions as a thing of the past,” said Gilles Moec, an economist at Bank of America.
Oil’s rally earlier in the day to $89 a barrel was propelled by news Turkey’s parliament granted its troops permission to launch an attack against Kurdish rebels inside Iraqi territory, despite international pressure.
The tensions dimmed hopes for a recovery in Iraqi oil exports via Turkey, which have been sporadic since 2003. But traders say the greater fear is the risk of further unsettling the Middle East region, source of a third of the world’s oil.
Surging oil prices, also driven by an inflow of investor money, have approached their $90.46-per-barrel inflation-adjusted peak of 1980, the year after the Iranian revolution and at the start of the Iran-Iraq war.
U.S. petroleum consumption already has showed signs of slowing, with demand growth running just 0.2 percent over last year, according to the latest government data. But experts said the slowdown is being offset by continued strong growth in demand from China and other developing economies.
Tempering oil’s rally Wednesday, U.S. crude stocks and refined fuel stockpiles rose more than expected last week, according to a government report.
Oil Reverses Course, Hits New Record
http://biz.yahoo.com/ap/071017/oil_prices.html?.v=12
Filed under: Ahmadinejad, Air Force, Britain, CIA, Coup, Dick Cheney, Donald Rumsfeld, False Flag, George Bush, Iran, Iraq, Israel, Jordan, michael Moseley, Military, military strike, neocons, Nuke, Pentagon, Propaganda, Psyops, Saber Rattling, Shock and Awe, State Sponsored Terrorism, Syria, Tehran, Troops, UAE, UN, war games, War On Terror, WMD, ww4
Neocons Told to Look for Reasons to Attack Iran
Short News
October 2, 2007
British newspaper the Sunday Telegraph claims that Members of the US secretariat in the UN have been asked to “search for things that Iran has done wrong”, in order to justify military strikes against the country
Many observers claim the exercise is reminiscent of attempts by Dick Cheney and Donald Rumsfeld to build the case for war with Iraq and expect it to boost support for an attack on Iran inside and outside the administration.
Concern is also being expressed in the CIA and the Pentagon that the US Administration exaggerated intelligence which was used as a basis for an Israeli air attack on Syria last month.
Source: www.telegraph.co.uk
U.S. Trains Gulf Air Force For War With Iran
Telegraph
October 2, 2007
The American air force is working with military leaders from the Gulf to train and prepare Arab air forces for a possible war with Iran, The Sunday Telegraph can reveal.
Neocons seek to justify action against Teheran
An air warfare conference in Washington last week was told how American air chiefs have helped to co-ordinate intelligence-sharing with Gulf Arab nations and organise combined exercises designed to make it easier to fight together.
Gen Michael Mosley, the US Air Force chief of staff, used the conference to seek closer links with allies whose support America might need if President George W Bush chooses to bomb Iran.
Pentagon air chiefs have helped set up an air warfare centre in the United Arab Emirates (UAE) where Gulf nations are training their fighter pilots and America has big bases. It is modelled on the US Air Force warfare centre at Nellis air force base in Nevada.
Jordan and the UAE have both taken part in combined exercises designed to make sure their air forces can fly, and fight, together and with American jets.
The conference was long-planned to discuss developments in air warfare technology, but the question of possible hostilities involving Iran was discussed.
Bruce Lemkin, the American air force deputy under-secretary for international affairs, said: “We need friends and partners with the capabilities to take care of their own security and stability in their regions and, through the relationship, the inter-operability and the will to join us in coalitions when appropriate…
“On its most basic level, it’s about flying together, operating together and training together so, if we have to, we can fight together.”
While it is unlikely that America’s Gulf allies would join any US air strike against suspected nuclear targets in Iran, their co-operation might be required to allow passage of warplanes though their airspace. American defence officials are also keen that Iran’s Arab neighbours prepare to deal with any Iranian attempt to target them in return.
Lt Gen Prince Faisal bin Al Hussein, who is special assistant to the chief of staff of the Jordanian armed forces, said “concern at Iran’s attempt to establish itself as a regional superpower” had led to greater co-operation, “not just at the inter-service level but also at the political level”.
He said the new air warfare centre had allowed them to “exchange information and exercise together”.
But Air Chief Marshal Sir Glen Torpy, the head of the RAF, voiced the fear of many British officials that America is too devoted to military solutions. He said: “In an environment like this, we always focus on the part that the military can play in solving security and foreign policy problems, but the military will rarely, if ever, be the solution.”
Filed under: 9/11 Truth, Abu Dhabi, Alan Greenspan, bernanke, carlyle group, economic depression, Economy, engineered recession, Federal Reserve, George Bush, global elite, Great Depression, Greenback, housing market, Inflation, Nasdaq, private banks, Ron Paul, Saudi Arabia, Stock Market, UAE, We Are Change
Greenspan Confronted By Activists, Flees From Angry Mob
WeAreChange Unmask Former Federal Reserve Chair’s Role in Globalist Takeover and Currency Assassination
Aaron Dykes
Prison Planet
September 21, 2007
Activists angry at Alan Greenspan’s recent deliberate attack on the U.S. dollar— which has already resulted in further devaluation and asset seizure by foreign entities– gathered at an event in New York to confront the former Federal Reserve Chairman on his shameful actions in contributing to a dollar collapse.
Members of WeAreChange.org were grabbed by police and forced out of the building after criticizing Greenspan for “destroying the country.” Individuals who waited in line to ask Greenspan a question were told that there were “no interviews” by event handlers, who then signaled for police to take over.
http://www.youtube.com/watch?v=S5wfNnV6vTU
Nate Evans was grabbed by more than four officers after criticizing the “Federal” private bank Greenspan previously headed. Other activists confronted Alan Greenspan as he left the event, giving him a public shaming for acting on behalf of his globalist masters.
While the globalist-controlled mainstream media rewards economic sabotage by portraying Greenspan and other financiers as economic ‘saviors,’ it is refreshing to know that many others are standing up in defiance of deliberate devaluation.
Congressman Ron Paul ripped into current Federal Reserve Chairman Ben Bernanke yesterday for intentionally weakening the dollar and misleading the public when his sole function is supposed to be maintaining the value of the dollar.
Now activists from WeAreChange.org are taking commendable action to expose the fact that these financial figureheads– and not a subservient Bush Administration– are to blame for the unfolding consolidation of middle-class wealth as well as the liquidation of U.S. infrastructure to foreign and global interests– a frightening and intentionally-triggered phenomenon that has already surfaced in publicized buyouts such as the Saudi acquisition of NASDAQ shares and Abu Dhabi’s stake in the Carlyle Group.
We salute individuals like Nate Evans, Gary, Luke Rudkowski, Matt Lepacek and others from WeAreChange.org, as well as the few in Congress like Ron Paul and Bernie Sanders willing to take action and expose the real culprits of U.S. currency assassination.
Greenspan Admits Fed Is Above The Law
Abe Day
Prison Planet
September 21, 2007
This week, former chairman of the Fed Reserve Alan Greenspan in an interview aired on PBS’ News Hour was asked by Jim Lehrer what should be the proper relationship between a chairman of the Fed and The President of the United States. In a shockingly honest tone Greenspan replies,
“Well, first of all, the Federal Reserve is an independent agency, and that means, basically, that there is no other agency of government which can overrule actions that we take. So long as that is in place and there is no evidence that the administration or the Congress or anybody else is requesting that we do things other than what we think is the appropriate thing, then what the relationships are don’t, frankly, matter.”
This issue with the Fed being above government is one of the key things We The People need to understand in order to wake up to the awful situation that we have found ourselves in. Our wealth, our labor, and anything we gain buy being productive has been stolen from us since the Federal Reserve took over our money system in the 1913.
Most people believe the Fed to be a government agency overlook by the President of the United States. Others fully believe the statements of Mr. Greenspan but don’t really understand what it means to have an “independent agency” (i.e. private banks) be above The Presidency, The Congress and Senate, and the Supreme court of the United States. This power to create money has been given over to a group of businessmen not beholden to our U.S Constitution; a document to protect our God given freedoms from tyranny. Hopefully enough of our rising generation can learn this sad truth and vote to return the power to regulate money back into the hands of those to whom it belongs…We The People.
Related News:
Greenspan: House Prices To Drop Much Lower
http://www.reuters.com/article/newsOne/idUSL2146624120070921?sp=true
Jon Stewart to Alan Greenspan: Why Do We Need the Fed?
http://www.jbs.org/node/5640
Greenspan Working To Destroy US Economy
http://infowars.net/articles/september2007/180907Greenspan.htm
Alan Greenspan Defends Himself
http://www.youtube.com/watch?v=m6b4qX_qm40
Greenspan predicts falling house prices, rising inflation
http://money.guardian.co.uk/news_/story/0,,2171622,00.html
Greenspan says euro could replace U.S. dollar as reserve currency of choice
http://www.iht.com/articles/ap/2007/09/17/bus….nspan-Euro.php
Greenspan Says China Will Determine World Economic Fate in 2030
Alan Greenspan warns of UK house prices drop
Greenspan alert on US house prices
Alan Greenspan claims Iraq war was really for oil
Filed under: Abu Dhabi, bin laden, Borse Dubai, Bush Sr., carlyle group, Economy, George Bush, Globalism, Nasdaq, Saudi Arabia, UAE
Abu Dhabi takes ownership stake in Carlyle Group
Arab emirate’s investment ties with Bush family deepen
Jerome R. Corsi
World Net Daily
September 21, 2007
The Financial Times announced last night the government of Abu Dhabi has made an investment in the Carlyle Group, a Washington-based private investment firm with close ties to former President George H. W. Bush and his family, as well as to top government officials in the Reagan and Clinton administrations.
Mubadala, a wholly owned investment arm of the Abu Dhabi government, bought a 7.5 percent share of the Carlyle Group in a transaction in which the deal price was struck at a 10 percent discount to a valuation of $20 billion for all of the Carlyle Group.
Abu Dhabi is the largest of the seven emirates of the United Arab Emirates and the capital.
Crown Prince Sheikh Mohammed Bin Zayed Al Nahyan of the Abu Dhabi ruling family is the chairman of Mubadala.
WND reported Dubai International Capital, a private equity investment capital firm that is a wholly owned subsidiary of Dubai Holdings, has commonly participated in co-investments with the Carlyle Group.
Dubai, like Abu Dhabi, is one of the seven emirates that form the UAE.
WND reported yesterday Dubai, in a complex set of transactions, is moving to acquire 19.9 percent of the Nasdaq stock market in New York, in the first equity transaction which would place a Middle Eastern government in an ownership position in a key U.S. stock exchange.
As a result of the transaction, Dubai will also acquire 28 percent of the London Stock Exchange, one of the oldest and largest stock exchanges in the world.
The transaction is being made through Borse Dubai, a holding company 100 percent owned by the government of the Emirate of Dubai and controlled by Mohammed bin Rashid al-Maktoum, the head of the Dubai ruling family.
Should Dubai Buy Part of the Nasdaq?
http://www.usnews.com/blogs/cap…-the-nasdaq.html
Dubai to get 20% share in Nasdaq
http://www.youtube.com/watch?v=LYPobSSPloo
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